Eastern Asia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Eastern Asia

The East Asian refined palm oil market fell slightly to $X in 2022, dropping by X% against the previous year. The total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2021, and then fell slightly in the following year.

Refined Palm Oil Production in Eastern Asia

In value terms, refined palm oil production dropped to $X in 2022 estimated in export price. In general, production showed a resilient increase. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports in Eastern Asia

In 2022, overseas shipments of refined palm oil were finally on the rise to reach X tons after three years of decline. In general, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports surged to $X in 2022. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, finishing at X tons, which was approx. X% of total exports in 2022. Taiwan (Chinese) (X tons) took a little share of total exports.

China was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Taiwan (Chinese) (X%) displayed positive paces of growth. While the share of China (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest refined palm oil supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China amounted to X%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, jumping by X% against the previous year. Overall, the export price, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%).

Refined Palm Oil Imports

Imports in Eastern Asia

In 2022, overseas purchases of refined palm oil decreased by X% to X tons, falling for the third year in a row after three years of growth. In general, imports continue to indicate a slight shrinkage. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, refined palm oil imports rose modestly to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

China dominates imports structure, finishing at X tons, which was near X% of total imports in 2022. Japan (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (X%). Taiwan (Chinese) (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined palm oil imports into China stood at X%. At the same time, South Korea (X%), Taiwan (Chinese) (X%) and Japan (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of South Korea and Japan increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined palm oil in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with an X% share of total imports. It was followed by South Korea, with a X% share.

In China, refined palm oil imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with an increase of X% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in South Korea ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :